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SSC MTS 2024 PYQ — Question 65

SSC MTS - 29/10/2024 - (12:30 PM - 2:30 PM) • English • Q65

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Which of the following is NOT a service of micro finance institution?

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Correct answer: D

Explanation

The correct answer is option 4 i.e. Micro deposit.

Microfinance institutions (MFIs) primarily provide financial services to low-income individuals or groups who lack access to traditional banking. Their key services include:

  • Microloan: Small loans for income-generating activities or personal needs.

  • Micro insurance: Insurance products tailored to low-income households to cover health, life, or assets.

  • Micro saving: Small-scale savings schemes to encourage financial inclusion and security.

Micro deposit is not a standard service of MFIs; it is a banking term referring to small deposits used for account verification or fraud prevention, not a core MFI product.